Germany is said to be
a bureaucracy hotspot. Especially international students who want to spend
their semester abroad in Germany have to overcome big obstacles. Health
insurance and visas are only two of numerous challenges they have to face
before their semester abroad can start. With transparent digital products FinTech
Fintiba supports international students in managing these processes. In an
interview Fintiba co-founder and accadis student Christian Becker (CB) explained
the FinTech trends and how Fintiba operates.
“FinTech” is a common term nowadays – but what
exactly does it mean?
CB: To me, a FinTech is a young and innovative
company in the finance sector. It usually combines finance know how with
innovative technologies by using a digital business model.
Which trends do you see in the FinTech sector
these days?
CB: In general at the moment the FinTech
industry is focussed on blockchain and AI – Artificial Intelligence. A lot of
FinTechs are also still working on digitalizing classic financial services. In
Germany this especially goes for the quickly expanding FinTech industry in the
Frankfurt area. The city and its metropolitan area make up the German financial
hub and is thus an ideal location for start ups. Furthermore many FinTechs
optimize robo advisor products in the investment services sector with the aim to
digitalize classic financial advice services. Meanwhile PropTech – Property
Tech – is stirring up the real estate industry. Thereby it focuses on crowd
investing bids for private sellers instead of mere property search or estate
brokerage. Thus the sellers can invest in real estate with small sums which
normally would not be sufficient to buy property.
Fintiba also works in the FinTech sector. What exactly
is Fintiba?
CB: Fintiba is a product and information
platform for international students who do not live in the European Union but
want to study in Germany. We support the students in organizing their semester
abroad with relevant products and services. Furthermore we help them with
topics and challenges concerning everyday life in Germany.
How did you get the idea for Fintiba?
CB: Fintiba is based on an international
mentality. Every Fintiba team member has built international references by
studying or working abroad. We were all faced with the bureaucracy of a stay
abroad. We thought that this process could be made a much easier and also a digital
one. Thus we developed a target group as well as the business model and the underlying
system of Fintiba in its present shape.
What problems do international students who
want to study in Germany face?
CB: We all know that Germany is a country of
bureaucracy and distinctions. Studying in Germany means a long and complex path
with bureaucratic challenges. It is not uncommon that the bureaucratic hurdles lead
to the decision to study in another country. Moreover, there are massive
language barriers concerning the services and products, as the customer service
is usually customized with German consumers in mind. Together with this
circumstance and a lack of specialized and digital solution providers, this
leads to an enormous expenditure of time for the international students. This
can be a significant distraction from their regular studies in their home
country. The result: in many cases a delayed start of the semester abroad.
How does Fintiba support international students
in their home country before they come to Germany?
CB: As a specialized provider we offer the
students relevant products such as an all-digital blocked account which
functions as evidence for required financial resources. Furthermore we provide
important information on how to master everyday university life in Germany.
What can international students expect from
Fintiba?
CB: We think and act digitally. We provide
digital products with a high convenience factor. This helps to meet
bureaucratic challenges on the way to and during the stay in Germany. We
provide the students with support by offering transparent, fast and digital
processes for this exciting life phase.
What should international students know about
studying in Germany before they arrive here?
CB: Start the preparation of your semester
abroad early. The students should initially gather information about the
different university and program types in Germany as well as the different
degrees. They should also be aware of the entry requirements and application
deadlines as well as the visa requirements. I think that an international
student should start the preparation about a year before he or she travels to
Germany. Thus he or she has got enough time to meet the requirements in the
best possible manner.
Fintiba also provides an app. How does it work?
CB: It is not a native app such as a smartphone
app. In fact it is a web application, a kind of online platform which the student
uses via his or her browser. Within the web application we guide the students transparently
and step by step through the complex processes.
What makes Fintiba exceptional?
CB: We work in an extremely dynamic sector. The
interlink of exciting professional topics and innovative technologies keep it
moving. Furthermore our team consists of experts and young university
graduates. The team is very international which is why we act in the zeitgeist
of the FinTech sector. Because of the dynamic sector we work in every team
member has a great responsibility from the first day on. Thus we are
characterized by high learning curves and enormous motivation.
How can international students get in touch
with Fintiba?
CB: The best way is to view our offers on our
website. The students also find a well-structured Help
Center providing them with detailed information about our processes and
requirements. Of course one can also contact us within our business hours via email
or phone.
In your opinion – what were the biggest
challenges while founding Fintiba as a classic FinTech?
CB: To my mind the biggest challenge was the
high number of topics needing to be addressed with very limited personnel
resources. Furthermore we had to meet the regulatory requirements. This meant
that we had to successfully deal with the bureaucracy involved in process and IT
security.
What does the everyday life at Fintiba look
like?
CB: We intensively support our customers during
the preparation in their home country as well as during their stay in Germany.
We also want to strengthen Fintiba as a brand. Therefore we are extending our
activities in the social media and are establishing new marketing channels. As
a result of the dynamic sector which we work in, we are continuously improving
the interface between IT and professional processes.
What will be pending at Fintiba in the upcoming
months?
CB: In the near future we will optimize the
existing processes and expand our product and service range. To us it is also
important to strengthen Fintiba in the academic sector.
What are your wishes for Fintiba in the future?
CB: I would be very happy if we can establish
Fintiba as a successful and long-lasting company which functions as a contact
point for international students. I think it is essential to furthermore support
our customers on their way to and during their stay in Germany in the best
possible manner. I wish that we do not only strengthen Germany as an academic
destination location but also that we do our share at Fintiba in helping to
overcome the lack of specialized workforce in Germany.
Dear Christian Becker, thank you very much for
the interesting interview.
Did you know that you can participate in an accadis research project during your master studies? Check out the interesting report of accadis student Carlos Rebollo Santano.